In the last fifteen years, extreme events such as the global financial and economic crisis of 2007-2008 and the Covid-19 pandemic have highlighted the importance of corporate social responsibility and sustainability in different aspects of our society. The environmental, social, and governance (ESG) disclosures have also gained increasing significance for investors due to initiatives undertaken by international bodies. In particular, with the Action Plan in 2018, the European Commission has assigned specific responsibilities to financial intermediaries to drive flows toward sustainable investments, explicitly requiring portfolio managers to integrate these non financial factors into their decision making processes. More and more, asset management firms and insurance companies offer tailor ed products to meet their customers sustainable needs and desires. This trend implies a growing recognition of sustainable practices in the financial sector, emphasized by the need to integrate ESG considerations in investment strategies.
